You must have heard of the term ‘easy monthly installments’. But what exactly is an installment loan or installment credit?
‘Installment loan’ is a broad term that covers a majority of personal, commercial, vehicle, and other types of loans availed by borrowers.
They are called so because they are repaid with regular scheduled payments, also referred to as installments.
A personal installment loan is what is commonly called a personal loan. It is a type of installment loan taken for personal reasons.
Personal loans are also unsecured loans, which means that you don’t need to pledge any assets against the amount you borrow.
Here’s the eligibility criteria for personal installment loans -
These criteria vary hugely from vendor to vendor. These specific sets of requirements are specific to moneyview personal installment loans.
The following are a general list of documents that you may have to provide for a personal installment loan -
The PAN card, Aadhaar Card, Valid Indian Passport, Valid Voter ID, or a Valid Driver’s License can be submitted in this category.
As an address proof, you can submit your Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s License, or any Utility Bills (Electricity, Water, Gas) dated within the last 60 days.
As income proof, salaried applicants can submit the last 3 months’ bank statements of their salary account. Self-employed applicants can submit the last 3 months’ bank statements.
Installment loans are the loans which are repaid with regular monthly installments. Personal loans, vehicle loans, home loans, are all types of installment loans. If you want to apply for installment loans online, there are various apps that give loans within minutes.
If you are searching for ‘installment loans for bad credit’ or have a low credit score, you can get an instant installment personal loan from moneyview. From the moneyview app, you can get personal loans even if your CIBIL score is as low as 650.
You can download the app from the PlayStore or visit the website to get an installment loan with minimum documentation.
Ans: Any loan that is repaid in installments is called an installment loan. Even if a borrowed sum of money is repaid in as small as two installments, it qualifies as an installment loan.
Ans: Personal loans are just a type of installment loan, just like car loans, or home loans.
Ans: The interest rates of installment loans may depend on a variety of factors. They are-
Ans: You can apply for an installment loan online within a very short period of time. In fact moneyview personal installment loans can be availed within minutes.
Ans: It depends on the vendor and the borrower what the tenure of the loan will be. It can be anywhere from 6 months to 60 months or longer, based on the type of loan.
Ans: If you are someone who has a low credit score and are looking for installment loans for bad credit, moneyview can help you. We, at moneyview, give personal loans to candidates with a CIBIL score as low as 600.
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